Kalim left BTG last year and is C6 Bank’s controlling shareholder and Chief Executive Officer, according to spokeswoman Verena Fornetti. Other relevant partners in the group of 20 shareholders are former BTG executives Carlos Fonseca, Leandro Torres and Luiz Marcelo Calicchio.

C6 Bank will not have any brick and mortar branch and begins to operate with 250 million reais ($67 million) in capital, according to the Central Bank authorization published in Brazil’s official gazette on Friday. Shareholders will invest 500 million reais in the business through December and the bank begins operations with 320 employees. ($1 = 3.7417 reais) (Reporting by Tatiana Bautzer)